The crypto currency as money of digital economy

Egor V Dudukalov,Denis Ushakov,Yulia A Geroeva,Mariya A Shtepa,V Breskich,S Uvarova

doi:10.1051/e3sconf/202124410021

Abstract

The digitalization of monetary and foreign exchange circulation is one of the leading institutional and infrastructural transformations at the beginning of the 21st century, affecting not only the long-term interests and priorities of business development and state progress, but also the very principles of public-private relations within the socio-economic system. The article assess opinions of 350 experts from 8 sectors of the economy of Russia and Thailand for the prospects of cryptocurrency (on the example of Bitcoin) introducing into official calculations, turnover, accumulation, as well as the readiness of business and state for this digital transformation in context of the Digital Economy trend globalization. The research implemented the quantitative methodology throughout using a survey and the data had been treated using SPSS statistical tool for hypotheses validation. The empirical data obtained confirmed the priorities of the factors for accelerating the currencies cryptotization, identified the main problems of Russian and Thai business, pessimizing the potential for using Bitcoins, and the concept of state financial regulation modernizing in the dynamics of digitalization.

Highlights

The public interest in cryptocurrencies observed these days is associated with intrigue on their future. Such high attention is due to the willing to understand what affects their popularity and how they can be embedded in the economy
Taking into account the results of the expert opinion analysis the following results were obtained: 1. In general, the Russian business community is more optimistic about the prospects for Bitcoin introducing into circulation in comparison with the Thai one, which is generally justified by the higher level of innovative and digital infrastructure development in Russia [16, 17], more restrictive financial regulation and more widespread digital fraud in Thailand
It should be noted that almost a third of the respondents expressed interest in Bitcoin as an investment asset in Russia, while in Thailand less than 10%

Summary

Introduction

The public interest in cryptocurrencies observed these days is associated with intrigue on their future. Such high attention is due to the willing to understand what affects their popularity and how they can be embedded in the economy. In 2009, Bitcoin was worth a few cents and only by February 2011, its value rose to $ 1. Bitcoin has no intrinsic liquidation value: it does not give rights to future cash flows, is not a debt obligation, and there is no guarantee of its use as payment for goods and services. The value of a cryptocurrency consists of its ability to perform a transactional (payment) function and a function of income generating (for investors)

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Results

Conclusion